Vietnam's search for investment continues

Vietnamese investors are continuing their drive to do business in Myanmar
with local partners in a wide range of enterprises.

Building on agreement reached during the visit to Yangon of prime minister
Nguyen Tan Dung in April, and fresh from a business matching meeting held at
Yangon's Park Royal Hotel on June 21, Vietnam's ambassador Chu Cong Phung
confirmed again on June 23 Vietnam's willingness to get down to work here.

His country wants to invest in agriculture, motor vehicle production,
banking, construction, and livestock and fisheries.

Vietnamese companies Vinamotor and Vinaxuki will invest in assembling buses
and light trucks, using engines and other parts imported from Vietnam, in
factories to be located in Yangon.

The two companies have already applied for permission to the Myanmar
Investment Commission and are seeking partners through the Ministry of Industry
(2).

They want to share their technology and hope local demand for motor vehicles
will grow, said Phung.

Later this month they will conduct a feasibility study in collaboration with
the Ministry of Agriculture and Irrigation with a view to an eventual joint
venture.

"The Myanmar government welcomes, and the Vietnamese government encourages,
investment. Myanmar has extensive land available for cultivation. Vietnam has
no room for rubber plantations, and wants to invest here," said Phung.

Vietnam has also expressed interest in land for rice cultivation.

The Bank for Investment and Development of Vietnam, which opened an office
in Yangon in April, is looking to take advantage of opportunities after the
elections later this year, and has applied to set up a development and
investment company.

Vietnam is also eyeing the travel and property sectors as potential
investments, as well as fisheries, with a particular interest in sturgeon and
prawn breeding.

Fellow Asean members Myanmar and Vietnam enjoy good relations and share
similarities in history, culture and religion. Vietnam has also suffered in the
past from a boycott by Western countries. "Now Vietnam wants to share its
experience with Myanmar to become a developed country," he added.

Vietnam has invested a total of $6 billion in Cambodia and Laos.

"In Myanmar, we want to invest more," said Phung.

In the 2008-2009 financial year, Vietnam invested $20 million in Myanmar,
according to the Central Statistical Organisation of the Ministry of National
Planning and Economic Development.

"With foreign investment, we can get capital and advanced technologies, as
well as job opportunities, exposure and experience," said Dr Maung Maung Lay,
secretary general of the Union of Myanmar Federation of Chambers of Commerce
and Industry.

"Both sides profit. The Vietnamese government provides incentives to
businesspeople who invest outside the country.

Myanmar will get new markets and market share and an ally in the
international arena."